Elated Musk congratulates Tesla team on producing over 3 million cars

Billionaire entrepreneur and Tesla CEO Elon Musk tweeted on Sunday that the company has produced over three million cars so far. Musk congratulated the Tesla Shanghai team for producing the one-millionth car despite hurdles due to lockdowns and Covid-19 restrictions in China.  

He tweeted: "Congrats Giga Shanghai on making the millionth car! Total Teslas made now over 3 mn," Musk tweeted late on Sunday. 

As per reports, Tesla cars have covered 40 million miles. The company has said that it should cover 100 million miles by the end of 2022. Tesla is the leader in the BEV segment. Its Model Y and Model 3 are the popular ones in the segment. As per Motor and Wheels analysis, of the top eight electric vehicles in the market, the top three belong to Tesla. 

The Shanghai gigafactory is reportedly producing a significant number of new vehicles after opening in 2019 and subsequent years of investment. A gigafactory can be described as a manufacturing unit that is capable of end-to-end production of huge amount of energy, through an end-to-end battery manufacturing process. 

Besides Shanghai, Tesla has its gigafactories in Fremont, California; Austin, Texas; and near Berlin in Germany. Of this, the Fremont unit was set up first. In July, Musk said that the Fremont unit has made two million cars. 

Production numbers 

Recently, Tesla reported that deliveries have gone up in the last few months. In July, Tesla delivered around 254,695 vehicles in the second quarter, a 26.5 per cent rise year-on-year. The revenue for the same quarter was $16.93 billion and automotive made about $14.6 billion of the total sales. 

According to the analyst firm Canalys, the US has sold 413,000 EVs in H1 2022, of which Tesla has a 60 per cent share in sales. It has sold around 565,000 vehicles sold during H1 2022.  

Share price 

As per recent reports, since the beginning of 2022, Tesla stock has fallen by 25 per cent as investors are looking to get into safer stocks due to growing inflation and recession fears. Musk sold over 7 million shares in August, which are worth about $6.88 billion.